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Panamax vessel demand keeps Baltic index up in fourth straight session

[LONDON] The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday for a fourth straight session as higher demand propped up rates for panamax vessels.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 7 points, or 1.15 per cent, at 616 points.

The capesize index rose 6 points, or 0.66 per cent, to 919 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up US$39 at US$6,491.

The panamax index rose 16 points, or 2.74 per cent, to 601 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose US$130 to US$4,811.

Among smaller vessels, the supramax index rose 4 points to 587 points, while the handysize index rose 2 points to 331 points.